What is typically included in a property management agreement?

A property management agreement serves as a comprehensive outline of the relationship between the property owner and the property management company, detailing the specific responsibilities of each party involved. This agreement typically includes the owner's responsibilities towards the property, which may involve maintaining the condition of the property, compliance with laws and regulations, and fulfilling financial obligations. Additionally, the management fees that the property owner agrees to pay to the property management firm are clearly detailed in the agreement.

While tenant rights and obligations and details about vendor hiring are also important aspects of property management, the core elements that define the operational framework of the relationship and the financial commitments are those related to the owner's responsibilities and management fees. Therefore, the inclusion of these critical components underscores the primary purpose of the management agreement.